In distinguishing between revenues and gains, which of the following statements is false?
A) More gains than revenues are beyond the entity's control.
B) Gains are associated more with peripheral, nonoperating activities than are revenues.
C) GAAP does not provide precise distinctions between revenues and gains.
D) Revenues are reported net (rather than gross) more often than gains.
D
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Cash flows from operating activities are primarily related to the revenues and expenses reported on the income statement
Indicate whether the statement is true or false
Which of the following factors led to significant changes in accounting practices?
a.The Great Depression of 1929 b.The election of Franklin D. Roosevelt to the presidency in 1932 c.The enactment of the New Deal legislation d.All of the above
Archie bets his friend Jerry $100 that the Packers will win the next Super Bowl. This is an:
a. unconscionable contract and therefore illegal. b. illegal wagering agreement. c. agreement to obstruct justice and therefore illegal. d. illegal restraint of trade.
Present and prospective shareholders are mainly concerned with a firm's ________
A) risk and return B) profitability C) leverage D) liquidity